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Rishi Sunak calms nerves over the impact of Brexit on the financial sector

Rishi Sunak calms nerves over the impact of Brexit on the financial sector after Boris Johnson said the deal ‘perhaps does not go as far as we would like’

  • The Prime Minister said Brexit deal ‘perhaps does not go as far as we would like’
  • But Rishi Sunak insisted the Brexit deal would be a boon for the financial sector 
  • No decision on ‘equivalence’, allowing firms to sell services in EU single market

Rishi Sunak insisted the Brexit deal would be a boon for the financial sector after Boris Johnson admitted he wished he had been able to extract more from Brussels.

The Prime Minister said the agreement allows the UK to ‘do things differently where that’s useful for the British people’.

But he admitted that the deal ‘perhaps does not go as far as we would like’.

As part of the trade agreement, free movement of services will end, meaning British firms will have to comply with varying rules across member states.

There was no decision on ‘equivalence’, which would allow firms to sell their services into the EU single market from the City of London.

Rishi Sunak (right) insisted the Brexit deal would be a boon for the financial sector after Boris Johnson admitted he wished he had been able to extract more from Brussels

And there will be no joint declaration to support enhanced cooperation on financial oversight until March.

But Mr Sunak told Sky News: ‘This deal can represent an enormously unifying moment for our country and bring people together after the divisions of the last four years.

‘To those who voted to leave this deal means that we will have the freedom that people sought – control of our laws, our borders, our trade.

‘But to those who were anxious about the economic implications of leaving they should be enormously reassured by the comprehensive nature of this free-trade agreement, ensuring tariff-free, quota-free access for British businesses to the European market, ensuring that close economic partnership and crucially protecting British jobs.’

Boris Johnson speaks during a media briefing in Downing Street, London, December 24

Boris Johnson speaks during a media briefing in Downing Street, London, December 24

On financial services, the Chancellor said: ‘Now that we’ve left the European Union, we can do things a bit differently.

‘We’re embarking on that journey, for example examining how we make the City of London the most attractive place to list new companies anywhere in the world.’ Writing in the Mail on Sunday, Mr Sunak said next year would begin a ‘new era’ for the nation as he pledged to invest in infrastructure and reward ‘risk-takers and entrepreneurs’.

He said: ‘I want next year to be the start of something much more meaningful for all of us – a moment to look afresh at the world and the opportunities it presents, and to consider how to take advantage of them.’

Read more at DailyMail.co.uk